The FHA retains a roster of approved appraisers for each state - Tuxedo Appraisals is on the roster of approved appraisers for New Jersey.
This means that we are qualified and approved by the FHA to do appraisal reports for house loans underwritten by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The lender provides all the money in the loan - the FHA simply backs the loan with mortgage insurance in case the borrower defaults on his or her loan.
Applicable to all consumers, FHA loan programs are built to assist credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Remember, the FHA differs from the VA appraiser panel in that the lending organization can choose the appraisal company.
Down payments are often lower with an FHA loan despite using conventional market rates.
FHA loan programs are incredibly useful to those purchasers with less available cash.
